African and Asian countries are emerging as great investment destinations for investors globally as it has half of the world’s fastest-growing economies as per a World Economic Forum report. Ironically these countries also raked up abysmal rankings in Transparency International’s Corruption Perceptions Index (CPI) consistently, year after year. This can be attributed to severe systemic corruption breeding in the public sectors across these regions.
Thus arises the need for these governments to launch progressive anti-corruption reforms with the aim of instilling public faith in governance, increasing efficiency in government spending and boosting private investments through a mandate to register their wealth. One such initiative in this direction is an Asset Registration and Declaration System. It performs the basic function of registration of the assets, keeping documents of the registration, issuing certificates, renewal and providing information to the public about the registration. Earlier, the whole process of asset registration followed a manual entry in the booklet which was designed and maintained for asset registration. The process was cumbersome and entailed enormous manpower. There were difficulties in making changes, validating information, data security, detecting duplicity and portability. The whistleblower had to physically visit the office to register their objections putting confidentiality at stake.
This system offers the following features:
The implementation of this system has the potential to usher in great process efficiency and open up avenues for analytics-based intelligence to eradicate corruption in a country. A rich database of asset declaration has the potential for statistical analysis of the economic status and disparity and region-wise wealth analysis against GDP which can help in predicting conflicts of interests and corruption. This unique solution has been successfully implemented by Ethiopia in their efforts to strengthen governance through better accountability and transparency.
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